Vietnam Aims To Submit Pillar 2 Law In June 2023
Local reports state that the Ministry of Finance is collecting feedback on its proposals to develop the Global Minimum Tax Law and will submit it to the Government in June 2023. Submission to the National Assembly is planned for its 6th Session in October 2023.
IASB Issues Staff Papers on Updated Pillar 2 Tax Accounting Proposals
Last week, the IASB released five Staff Papers providing an update to tax accounting under IFRS for Pillar Two. The IASB had previously issued an Exposure Draft for proposed amendments to IAS 12 to take account of the Pillar Two Model Rules.
Pillar Two: Accounting Standards Tracker
Track enacted and proposed amendments to global accounting standards relating to the Pillar Two Global Minimum Tax.
A Review of FRED 83 – The UK’s Pillar 2 Tax Accounting Proposals
Yesterday, the UK Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 83 on draft amendments to FRS 102 for Pillar 2 tax accounting.
Danish Tax Authority Issues MNEs a Questionnaire for the GloBE Information Return
The Ministry of Taxation and the Ministry of Industry, Business and Financial Affairs have sent a questionnaire to Danish MNEs expected to be within the scope of the Pillar Two GloBE Rules.
Ireland Issues Draft Global Minimum Tax Law For Feedback
On March 31, 2023, the Irish government issued a Feedback Statement on the Pillar Two Global Minimum Tax. This included draft legislation.
Japan’s Accounting Standards Board Publishes Deferred Tax Guidance For Global Minimum Tax
Today, the Accounting Standards Board of Japan (ASBJ) issued the Practical Response Report on the ‘Treatment of Deferred Tax in Relation to the Revision of the Corporation Tax Act Corresponding to Global Minimum Taxation’.
The Practical Response Report is applicable from today and until it is repealed by the ASBJ.
Kenya to Implement OECD Two Pillar Solution
It’s been reported that Kenya is to sign up to the Two Pillar Solution. It was not a signatory to the original October 2021 Statement as it was not prepared to remove its digital service tax as required for Pillar One.
Japan’s Global Minimum Tax Law is Gazetted Today
The “Act for the Partial Revision of the Income Tax Act” was promulgated in Special Issue No. 25 of the Official Gazette on Friday, March 31, as Act No. 3/2023.
Liechtenstein Publishes Draft Global Minimum Tax Law
On March 29, 2023, Liechtenstein published draft legislation for the implementation of the Pillar Two Globe Rules.
